SHA256 Mining - After the fork block, Litecoin Cash switches to SHA256 proof-of-work hashes. This enables a new use for previously obsolete Bitcoin mining hardware.

Network Resilience - Mining difficulty is recalculated every block, using Evan Duffield's proven DarkGravity V3 algorithm from Dash. This provides more predictable block times as well as network protection from multipool hopping.

Optimised for the Real World - Target block time of 2.5 minutes gives 4 times the transaction bandwidth of Bitcoin, while transactions are 90% cheaper than Litecoin.

Slow-Start Control - To prevent dominant early miners having an unfair advantage, block rewards will start at 1.25 LCC and grow to 250 LCC over the first 400 blocks after the fork. The first 24 blocks after the fork will be mined at minimum difficulty. After this, DarkGravity will adjust the difficulty based on observed block generation time. The 250 LCC block reward (equivalent to 25 LTC) will halven at the same chain heights as Litecoin.

Pre-release Bootstrap - We'll release a blockchain bootstrap that you can download before the wallet becomes available or any mining is done. This will allow everyone to start mining at the same time instead of first having an unfair block download race. We're going all-out to ensure a smooth and fair launch.

Small Premine - Less than 1% of total money supply at fork time (~0.65% of total money supply) will be paid to a development fund.

There is no fast, cheap SHA256 coin with good difficulty adjustment. SHA256 miners have little practical choice of hashpower destination, and if they do mine blocks they're being paid in a currency with 10 minute block times.

We believe we can offer an excellent SHA256 coin for general usage. We love Litecoin, and wanted to give something to the brave hodler community. With everyone else too busy forking Bitcoin, we decided that the Litecoin blockchain was a perfect means of intial distribution for our coin.

Why are you using the Litecoin name? Is this an official Litecoin project?

No. We're using the Litecoin Cash name simply because it has become customary in recent months for a coin which forks a blockchain to prefix its name with the name of the coin being forked. This practice has become a widely understood convention. We're not associated or affiliated with Charlie Lee or any of the Litecoin team in any way; we are big fans though.

Will I be able to claim if I have coins stored on an exchange? Or a Ledger hardware wallet?

Exchange deposit addresses are generally no use, as you have no way of accessing the private key. We hope that exchanges will support us and credit LTC holders with LCC automatically. No announcements yet; keep an eye on our website.

The very best way to hold coins during the fork where you know you'll have control of the keys is to use a desktop Litecoin wallet such as Litecoin Core or Jaxx.

If you use a Ledger, the simplest solution is to move funds from your Ledger to a desktop wallet, just until the fork block happens.

Part of the reason it's so great is that it's impossible for you to directly access private keys for your wallet addresses. What is possible is to use your 24-word BIP39 phrase in conjunction with an offline tool such as this one, which you must save and run locally while disconnected from the internet. That tool can derive your private keys from your 24-word phrase, however, you really shouldn't do this. For one thing, you'll need to reinitialize your Ledger wallet in order to practice safe forking. It's really simplest to transfer your LTC to a desktop wallet, and transfer it back after the fork.

IN ALL CASES: Practice safe forking. That means you must never paste private keys that hold live funds into ANY website or wallet in order to claim fork coins -- including ours. After the fork, FIRST move your LTC to a new address, THEN use the private key from the "old" address to claim your LCC.

Does my wallet need to be unencrypted during the fork?

No; it doesn't even need to be open. Paper wallets and other forms of cold wallet will receive LCC without issue.

If I own Litecoin, do I automatically own Litecoin Cash too?

YES - Anyone holding Litecoin at block 1371111 will have 10X as much Litecoin Cash. If your LTC is stored by a third party such as an exchange, then you must inquire with them about claiming your Litecoin Cash.

How do I claim my Litecoin Cash once I have my LTC private key?

Firstly, NEVER paste private keys that hold any currency into ANY website or wallet in order to claim forked coins (including ours). Practice responsible forking: 1. Wait for the fork; 2. Move your Litecoin to a new address; 3. Use the private key for the "old" address to claim your Litecoin Cash.

We've made it super easy to claim. No need to mess around in the debug console! When our wallet’s released, you'll find a menu item to help you import your Litecoin private keys and claim your Litecoin Cash.

@iekh0813 This is a tricky one to answer, but I'll get it out of the way here nice and early!

The keys that correspond to the addresses on your Nano will indeed receive 10X LCC. While you can't extract the keys directly from your device, you can use an OFFLINE tool such as https://github.com/iancoleman/bip39 to enter your bip39 phrase and recover the keys you need.

HOWEVER, there are two VITAL caveats which should be mentioned right here up the top of the official thread, especially since people holding LTC may well be new to the whole forking process.

1. NEVER EVER import those keys (or even extract them, ideally) until you have sent the LTC somewhere else. That means that you are keeping your LTC safe, by placing it under the control of a new, different private key. In your case, this means you'll have to set your Nano up again (and potentially transfer your LTC somewhere else in the meantime while you do that). It's a hassle -- but it's the safe way. So the process in general looks like: Wait for the fork; transfer your LTC to a new location; use the keys from the old location to claim your LCC.

2. NEVER EVER paste your private keys into ANY web-based tool. We will have an official balance checker that will require only a normal Litecoin address to check.

@johnnie18: I'm unsure if coinpot allows you to export your private keys; but if so then you should be good. Alternatively we hope to work with as many exchanges and wallets as possible to allow people to be automatically credited with their Litecoin Cash.

Mining-wise, as LCC will be one of the few viable choices of places to send SHA256 hashpower (along with BTC and BCH), we expect to see usage of a few older generation ASICs as well as GPU rigs. CPU mining is realistically unlikely to be feasible much beyond launch, but the early blocks will be such a lottery before the difficulty adjustment scales up to match available hashpower that you should certainly try anyway

(Because of the low difficulty of those early blocks, we're scaling up the block rewards from 1.25-250 LCC over 400 blocks)